SiMn cost support strong, market shows volatile pattern [SMM SiMn Futures Review]

Published: Nov 5, 2025 16:57

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November 5: The SM2601 contract opened at 5,740 yuan/mt and closed at 5,776 yuan/mt, up 0.24%. The highest price for the day was 5,790 yuan/mt, and the lowest was 5,726 yuan/mt. Trading volume was 169,700 lots, and open interest stood at 353,351 lots. The futures continued to trade in the doldrums. Cost side, the third round of coke price increases has been implemented, with prices stabilizing after the rise, while the manganese ore market held up well. Current silicon manganese costs remain relatively firm. Supply side, market sentiment is dominated by a wait-and-see approach, with alloy plants showing low production enthusiasm and little willingness to offer retail quotations. Demand side, November is a traditional off-season, and end-use demand may weaken further; under pressure from steel mills to drive down prices, silicon manganese prices have edged lower. Recently, silicon manganese producers have adopted a wait-and-see stance, and the market maintains a fluctuating trend.

November 5 — The SM2601 contract opened at 5,740 yuan/mt and closed at 5,776 yuan/mt, up 0.24%. The highest price for the day was 5,790 yuan/mt, and the lowest was 5,726 yuan/mt. Trading volume was 169,700 lots, and open interest stood at 353,351 lots. The futures continued in the doldrums. Cost side, coke prices stabilized after the third round of increases, and the manganese ore market held up well. Currently, the cost side of silicon manganese remains relatively firm. Supply side, market sentiment is dominated by a wait-and-see approach, with alloy plants showing low production enthusiasm and little willingness to offer retail quotations. Demand side, November is a traditional off-season, and end-use demand may weaken further. Under pressure from steel mills to drive down prices, silicon manganese prices edged lower. Recently, silicon manganese producers have adopted a wait-and-see stance, and the market maintains a fluctuating trend.

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